Business and climate change risk: a regional time series analysis

Peter Romilly

Journal of International Business Studies, 2007, vol. 38, issue 3, 474-480

Abstract: International business activity has to adapt to a number of new challenges, including higher temperatures and flood risks. The adaptation process will depend partly on the development of new forms of risk analysis for decision-making. This paper identifies statistically significant differences in regional temperature risk profiles, and develops climate change risk rankings for 11 regions of the globe. The methodology is based on a univariate time series analysis of regional mean temperatures, and takes into account the extent to which extreme temperature events cluster together, an important factor in weather-related risk analysis. The implications of the empirical results are discussed, with particular reference to the insurance and reinsurance markets. Journal of International Business Studies (2007) 38, 474–480. doi:10.1057/palgrave.jibs.8400266

Date: 2007
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